Spectra Inc. sells a variety of satellite TV packages. The popular $600 Basic Package includes a hardware component (consisting of a satellite dish and receiver) along with a 12-month subscription to TV channels. Spectra Inc. sells the hardware components without a subscription for $180 and sells the 12-month subscription to the same TV channels without hardware for $540 per year. Lets account for the sale of one Basic Package for $600 on January 1, 2020.

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Prepare the journal entries for 2020.